In the midst of several high profile yellow pages wheeling and dealing, most of which involve venture capital and M&A money, Bell Canada is considering using a telephone directory securitization to raise funds to repurchase itself from Dallas-based SBC Communications, which inherited a 20% stake in BC when it acquired Ameritech earlier this year.

The move would be part of a $4.3 billion repurchasing plan. BCE believes it can reap between $1 billion and $2 billion from its directory business. Ranked seventh on Simba Information's North American yellow pages publisher rankings, the BCE unit - named Bell ActiMedia - has not ruled out the traditional M&A market versus securitization.

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